An Evolving Market: Rise of Electric Vehicles in Europe (2023)

by Jun 21, 2024

This infographic examines the electric vehicle (EV) market in the European region. It highlights the current and forecasted EV market size of each vehicle type and the current and future trends in the light-duty and heavy-duty EV markets.

European Electric Vehicles Market Size and Key Insights

  • The European electric vehicles (EV) market growth is attributed to stricter emission regulations by governments, increasing fuel prices, growing consumer awareness and environmental concerns. Government subsidies and incentives for EV purchases and expanding charging infrastructure are key contributors to EV adoption.
  • There are also investments by European automakers in EV development and production. A growing availability of EV models across various segments is also contributing to market growth.
  • In 2023, over 3 million electric vehicles were sold in Europe, a 2.4% sales increase from 2022.

3 million+ EVs sold across Europe in 2023

  • Europe’s EV market is projected to reach 61.4 million units by 2030, with a CAGR of 4.7% between 2023 and 2030.

European Electric Vehicles Market Sales 2023-30

Key Insights on the European EV Market

The EU’s ambition is to have at least 30 million zero-emission cars on the road across the European Union by 2030.
With the highest EV sales in 2023, Germany leads the EV market with a 13% share of the entire region.

EV Charging Infrastructure Service Overview

 

The research presented in this article is from PTR's EV Charging Infrastructure market research. For information about this service please submit a request shown below.

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